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Managing Your Student Loan Balances with O1ne Mortgage

Whether you’re still in school or have already graduated, keeping track of your student loan balances is crucial for effective financial planning. At O1ne Mortgage, we understand the importance of managing your debt and are here to help you navigate through your student loan journey. Call us at 213-732-3074 for any mortgage service needs.

How to Check Your Federal Student Loan Balance

Federal student loans are provided directly by the government, including direct loans and direct PLUS loans. Here are some ways to check your federal student loan balances:

The Federal Student Aid Website

Visit StudentAid.gov to fill out the Free Application for Federal Student Aid (FAFSA) and review your federal loan balances. Log in with your email, phone, or FSA ID username and password to access your account. Note that the outstanding balance might not be the most up-to-date, so it’s a good idea to follow up with your loan servicer for confirmation.

Your School’s Financial Aid Office

Contact a counselor at your school’s financial aid office to get information about the funds used to cover your tuition and school costs. They can provide you with your current loan balance.

Your Credit Report

Student loan balances and payments are typically reported to the three credit bureaus—Experian, TransUnion, and Equifax—every month. Pulling your credit report can help you see how much you owe and identify your loan servicer. Visit AnnualCreditReport.com to access your credit reports for free.

How to Check Your Private Student Loan Balance

Private student loans are provided by private lenders such as banks, alternative lenders, and educational institutions. Here are some ways to check your private student loan balances:

Your Loan Servicer

Contact your lender to find out who your loan servicer is. Once you have the servicer’s name, you can set up an online account to review your balance, payment history, and payment options.

Your School’s Financial Aid Office

Your school’s financial aid office can provide the balance on institutional loans awarded by the school itself. For other private loans, they may direct you to the lender for more information.

Your Credit Report

Private student loans are typically reported to all three credit bureaus. Reviewing your credit reports from all three bureaus can give you a complete picture of your student loan balances. Visit AnnualCreditReport.com to access them for free.

How to Pay Down Your Student Loan Balances

Paying down your student loan balances requires a strategic approach. Here are some tips to help you manage and reduce your debt:

Create a Budget

Planning your monthly income and expenses can help you allocate more funds towards paying down your student loans. A well-structured budget is key to effective debt management.

Take Advantage of the Federal Loan Pause

If you’re struggling to make payments, the temporary student loan payment pause can provide financial relief. After payments resume, consider applying for forbearance or deferment for additional support.

Get Help from Your Employer

Some employers offer student loan repayment assistance as an employee benefit. Extra payments from your employer can help you reduce your loan balances faster.

Increase Your Income

Consider pursuing higher positions at your job or taking on side hustles to increase your income. Additional earnings can be directed towards paying off your student loans.

Look for Forgiveness Options

If you work in certain professions, such as teaching or public service, you may qualify for student loan forgiveness programs. For example, the Teacher Loan Forgiveness program offers up to $17,500 in loan forgiveness for eligible teachers, while the Public Service Loan Forgiveness (PSLF) program forgives the remaining balance after 10 years of qualifying payments for public servants.

Apply for Income-Driven Repayment

Income-driven repayment plans (IDR) can lower your monthly payments based on your income. Pairing an IDR with a strict budget can help you manage your student loan debt more effectively.

Make Payments While You’re in School

Making student loan payments while you’re still in school, even if it’s just paying the interest, can help reduce the amount you’ll owe upon graduation.

The Bottom Line

Keeping track of your student loan balances is essential for managing your debt effectively. If you have questions about your loan balances or repayment options, financial aid counselors and loan servicers can provide valuable assistance. The StudentAid.gov website also offers numerous resources for reviewing payment plans, debt consolidation options, and more.

At O1ne Mortgage, we are committed to helping you manage your financial future. For expert mortgage services, call us at 213-732-3074. Let us help you achieve your financial goals with confidence.

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